Federal law does not obviously require an “investment policy statement” (IPS), but the statute governing retirement plans (ERISA), does expect that plan trustees will have a specific policy in mind. In summary, there is an assumption that investments being offered to participants have been carefully weighed, and will be monitored for performance, as well as  Continue Reading »

If you are considering, or planning, to buy or sell business assets or an ownership interest (corporate stock or a partnership or LLC interest), beware of the tricky “related party” tax rules. The Internal Revenue Code contains a number of rules aimed at penalizing sales between individuals or entities that are considered closely connected and thus more likely  Continue Reading »

A Maine-based small business owner might assume that they will save money by doing all accounting and bookkeeping work themselves. Oftentimes, however, these business people realize that isn’t necessarily the case. These tasks are often complicated, and can take up quite a bit of time. A small business owner can find several advantages to outsourcing  Continue Reading »

The efficacy of financial forecasts or projections that are used by an expert when they are making a valuation in a litigation proceeding is a point that can be missed. If these forecasts are off, they can be the cause of a large difference between experts. It’s important for an attorney and an expert to  Continue Reading »

Small businesses have to maintain payroll for their employees. This means that business owners cannot avoid collecting and maintaining personal information about their employees, both current and former. For long established business, it’s possible that there are boxes of old personnel files in storage somewhere. The data contained in those records makes the business and  Continue Reading »

Many small business owners feel buried in paperwork. Running a small business requires a certain amount of commitment that only the owner is able to tackle. But this means that there is a mountain of paperwork that comes with the territory. Among other things, the bills must be paid and the checkbook must be reconciled  Continue Reading »

Employment at will issues are often hashed out in the courtroom, defending against them, especially those involving wrongful termination lawsuits, require significant industry expertise. This, combined with exhaustive research and complete analysis, are key elements to a successful outcome in court. When it comes to wrongful termination cases, there are some specific things that litigation  Continue Reading »

Small business owners will often get phone calls about former employees, regarding their work performance. The issue is more complicated than just answering questions about the job someone did. The wrong answers can lead to serious consequences, even litigation. Here are some steps for employers to consider in dealing with requests for information about former employees: Get professional  Continue Reading »

As a Maine-based small business owner, it’s important to be aware of two things. One is the break even point for every customer or client. The second is the status of all business prospects. If these two things are unknown, it might be time to consider the following steps. Small business owners and their managers  Continue Reading »

It can be very intimidating for Maine-based small business owners to seek out a bank when they need a business loan. Bankers obviously want to minimize their risks, and usually small business owners need the loan because they are trying to do something which could be risky. Repayment Gaining an understanding of the lending process  Continue Reading »